Chinatrust (Phils.) Commercial Bank Corp. Notice of Book-Building Exercise for the ProposedIPO

March 22, 1999 PSE CIRCULAR FOR BROKERS NO. 551-99 SUBJECT : Chinatrust (Phils.) Commercial Bank Corp. Notice of Book-Building Exercise for the Proposed IPO On March 4, 1999, CHINATRUST (PHILIPPINES) COMMERCIAL BANK CORPORATION ("the Applicant Company") , filed an application for its Initial Public Offering (IPO) with the Exchange. At present, the Listings and Disclosure Group is in the process of reviewing the said application. cdpr PNB Capital and Investment Corp., the Applicant Company's Issue Manager and Lead Underwriter, has informed the Exchange in a letter dated March 17, 1999 that, in accordance with SEC-BED Circular No. 04 dated November 20, 1997 on the book-building exercise for companies undergoing an IPO, it intends to invite selected Qualified Institutional Buyers (QIBs) to participate in the book-building exercise beginning March 22, 1999. PNB Capital and Investment Corp. will provide the QIBs copies of the preliminary prospectus to give them enough time to evaluate the Offer. The preliminary prospectus shall be the same copy as attached to the listing application submitted to the PSE. Likewise, the distribution transmittal will indicate that the listing of the proposed IPO is still subject to the approval of the PSE. Please be informed, however, that the book-building exercise shall, be conducted ahead of PSE approval and that the final acceptance and awarding, of winning bids will be conducted only after the receipt of the PSE Notice of Approval. For your information and guidance. cdlex (SGD.) JOSE LUIS U. YULO, JR. President and CEO